Published on 10/8/2021 in the Prospect News Structured Products Daily.
New Issue: BMO sells $750,000 autocallable barrier notes with contingent coupon on three indexes
By Kiku Steinfeld
Chicago, Oct. 8 – Bank of Montreal priced $750,000 of autocallable barrier notes with contingent coupons due Sept. 30, 2026 linked to the S&P 500 index, the Euro Stoxx 50 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon equal to 5% per year if each index’s closing level is above 60% of its initial level on the relevant observation date.
If each index closes above its initial level on any quarterly observation date after one year, the notes will be called at par.
If the notes are not called, the payout at maturity will be par unless any index finishes below its 60% trigger level, in which case investors will lose 1% for each 1% decline of the worst performer from its initial level.
BMO Capital Markets Corp. is the agent.
| Issuer: | Bank of Montreal
|
| Issue: | Autocallable barrier notes with contingent coupons
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| Underlying indexes: | S&P 500 index, Euro Stoxx 50 index, Russell 2000 index
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| Amount: | $750,000
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| Maturity: | Sept. 30, 2026
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| Coupon: | 5% per year, payable quarterly if each index’s closing level is above its coupon barrier level on the relevant observation date
|
| Price: | Par
|
| Payout at maturity: | Unless any index finishes below its trigger level, in which case investors will lose 1% for each 1% decline of the worst performer from its initial level
|
| Call: | At par if each index closes above its initial level on any quarterly observation date after one year
|
| Initial levels: | 4,455.48 for S&P, 4,158.51 for Euro Stoxx, 2,248.075 for Russell
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| Coupon barrier levels: | 2,673.29 for S&P, 2,495.11 for Euro Stoxx, 1,348.845 for Russell; 60% of initial levels
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| Trigger levels: | 2,673.29 for S&P, 2,495.11 for Euro Stoxx, 1,348.845 for Russell; 60% of initial levels
|
| Pricing date: | Sept. 24
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| Settlement date: | Sept. 29
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| Agent: | BMO Capital Markets Corp.
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| Fees: | 3.35%
|
| Cusip: | 06368EYC0
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